US mortgage applications drop

February 16th, 2012 - 1:46 pm ICT by IANS  

Washington, Feb 16 (IANS) The US mortgage applications last week declined although mortgage rates remained at historic lows, according to the Weekly Mortgage Applications Survey released Wednesday.

The US Mortgage Bankers Association (MBA) said that the Market Composite Index of US mortgage applications, a measure of mortgage loan application volume, decreased 1.0 percent in the week ending Feb 10 on a seasonally adjusted basis from the previous week, reported Xinhua.

The survey covers over 75 percent of all US retail residential mortgage applications, and has been conducted weekly since 1990. Respondents include mortgage bankers, and commercial banks.

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